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Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of
<br />proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the
<br />original purchaser upon payment of the purchase price. The Mayor, the Director of Finance, the
<br />Director of Law, the Clerk of Council and other City officials, as appropriate, are each authorized
<br />and directed to sign any transcript certificates, financial statements and other documents and
<br />instruments and to take such actions as are necessary or appropriate to consummate the transactions
<br />contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in
<br />the best interest of the City, to combine the issue of Notes with one or more other unvoted general
<br />obligation bond anticipation note issues of the City into a consolidated note issue pursuant to
<br />Section 133.30(B) of the Revised Code; provided that, if the aggregate amount of that consolidated
<br />note issue is $1,000,000 or more, no note of that issue shall be issued in a denomination less than
<br />$100,000 or be exchangeable for other notes in denominations less than $100,000.
<br />Section 7. The proceeds from the sale of the Notes, except any premium and accrued
<br />interest, shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be
<br />used for the purpose for which the Notes are being issued. Any portion of those proceeds
<br />representing premium and accrued interest shall be paid into the Bond Retirement Fund.
<br />Section 8. The par value to be received from the sale of the Bonds or of any renewal notes
<br />and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used
<br />to pay the debt charges on the Notes at maturity and are pledged for that purpose.
<br />Section 9. During the year or years in which the Notes are outstanding, there shall be levied
<br />on all the taxable property in the City, in addition to all other taxes, the same tax that would have
<br />been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be
<br />within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered
<br />computed, certified, levied and extended upon the tax duplicate and collected by the same officers,
<br />in the same manner, and at the same time that taxes for general purposes for each of those years are
<br />certified, levied, extended and collected, and shall be placed before and in preference to all other
<br />items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond
<br />Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Notes or
<br />the Bonds when and as the same fall due.
<br />Section 10. The City covenants that it will use, and will restrict the use and investment of,
<br />the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the
<br />Notes will not (i) constitute private activity bonds or arbitrage bonds under Sections 141 or 148 of
<br />the Internal Revenue Code of 1986, as amended (the Code) or (ii) be treated other than as bonds the
<br />interest on which is excluded from gross income under Section 103 of the Code, and (b) the interest
<br />on the Notes will not be an item of tax preference under Section 57 of the Code.
<br />The City further covenants that (a) it will take or cause to be taken such actions that may be
<br />required of it for the interest on the Notes to be and remain excluded from gross income for federal
<br />income tax purposes, (b) it will not take or authorize to be taken any actions that would adversely
<br />affect that exclusion, and (c) it, or persons acting for it, will, among other acts of compliance, (i)
<br />apply the proceeds of the Notes to the governmental purposes of the borrowing, (ii) restrict the yield
<br />on investment property, (iii) make timely and adequate payments to the federal government, (iv)
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